Famed “Massive Quick” investor Michael Burry tweeted Thursday, telling his 1.4 million followers, “I used to be mistaken to say promote.” The tweet follows Burry’s warning for months that the U.S. was headed for an “prolonged multi-year recession” and his choice to dump all of his shares however one in August 2022.
Burry: ‘I Was Mistaken to Say Promote’
Michael Burry, often known as “Cassandra B.C.” on Twitter, is well-known for his predictions. He famously predicted and profited from the subprime mortgage disaster of 2007-2008. Burry’s unconventional funding methods led to fame when Michael Lewis chronicled Burry’s forecasting of the 2008 monetary disaster in his ebook and film, “The Massive Quick.” In newer instances, Burry has been bearish once more, predicting in December that the U.S. financial system would falter into an “prolonged multi-year recession.”
In Could 2022, Burry warned that the U.S. might see a “client recession,” and in August, his agency Scion Asset Administration offered all of its shares besides one. Scion offered lengthy positions in corporations equivalent to Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and others. In January, Burry acknowledged that he anticipated the U.S. to be in a recession “by any definition,” and in March, he in contrast the U.S. banking turmoil to the Panic of 1907. Nonetheless, in his newest tweets on March 30, the famend investor appears to be telling a special story.
“I used to be mistaken to say promote,” Burry tweeted. “Going again to the Nineteen Twenties, there was no BTFD era such as you. Congratulations,” the investor added in one other tweet.
Furthermore, Burry’s tweets earlier than March 30, 2023, have been erased because the legendary financier has been accused of deleting tweets or resetting his Twitter account on a number of events. There’s even a Twitter account known as @mikeburrysaved that shares Burry’s deleted tweets, and there are many archives protecting his tweets and Twitter feed from the previous few years. There have been a number of responses to Burry’s newest statements on March 30. “You gotta be kidding me,” one particular person tweeted in response to Burry’s promote remark.
In response to Burry’s “BTFD era” remark, one particular person stated, “the greenback is nugatory. What do [you] count on folks to do?” One other individual wrote to Burry, “There can also be no era like this one which feels the ache on the best way down in the identical method.” The investor will not be the one well-known entrepreneur predicting an financial downturn. Economist Peter Schiff and Robert Kiyosaki, the well-known writer of the best-selling ebook “Wealthy Dad Poor Dad,” are additionally predicting financial calamity.
Do you suppose Michael Burry’s newest tweets sign a shift in his outlook for the financial system, or is he merely acknowledging the resilience of the “BTFD era”? Share your ideas within the feedback part beneath.
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